Electronic and Digital Financial Services

completed

The Electronic and Digital Financial Services Project in Azerbaijan and Central Asia (EDFS in ACA) is currently being implemented by Finance & Markets Global Practice of the World Bank Group (International Finance Corporation arm) in Azerbaijan, Kyrgyzstan and Tajikistan. The major objective of this Project is to increase access to finance, facilitate the spread of electronic and digital financial services in far-flung rural areas, as well as expand financial inclusion of the population that does not fully participate in the formal financial system. EDFS in ACA also focuses on channeling remittance flows into the official financial system, which is very relevant for Project countries where they remain a significant source of income for vulnerable households. The EDFS in ACA Project aims to accomplish the following targets: o Increase number of registered users in in project countries o Increase volume of non-cash transactions and expand agents network for electronic and digital financial services operations. The Project includes 3 major components: A) Improving the regulatory environment through the development of the payment infrastructure by establishing a public-private dialogue B) Facilitating a joint payment platform through industry-wide consensus and stakeholder awareness-raising C) Identifying and engaging with potential partners who will develop and deploy mobile money products